U.S. Silver Corporation Files New NI 43-101 Technical Report on the Galena Mine
TORONTO, ONTARIO–(Marketwire – June 27, 2008) – U.S. Silver Corporation (TSX VENTURE:USA) (“U.S. Silver” or the “Company”), is pleased to announce the filing of its updated 43-101 technical report on SEDAR entitled “Galena Mine, Shoshone County, Idaho, Technical Report, June 26, 2008″ (the “Technical Report”) on SEDAR. The Technical Report follows U.S. Silver’s May 12, 2008, press release announcing new estimates for reserves and resources at the Galena Mine as at December 31, 2007. The Technical Report was authored by Daniel H. Hussey, Certified Professional Geologist and Chief Geologist of U.S. Silver-Idaho, Inc. (a wholly-owned subsidiary of United States Silver, Inc., U.S. Silver’s wholly- owned subsidiary) and can viewed under U.S. Silver’s profile online at www.sedar.com.
– Proven and probable reserves at its Galena Mine complex near Wallace, Idaho increased to 17,449,400 ounces of silver contained in 981,100 tons of ore at an average grade of 17.79 ounces of silver per ton (oz/t). This represents a 15 percent increase in ounces of silver and a 22 percent increase in tons from the previous technical report on the Galena Mine dated June 4, 2007.
– The proven and probable reserve, silver ounces increased in one year by 60 percent over the December 31, 2006 estimate of 444,003 tons at a grade of 24.5 ounces per ton containing 10,878,797.
______________________________————————————– —— ____________________________________________Ag __________________________________ Tons__Grade__ Contained__% Cu Contained Copper-Silver Ore________________________(oz/t)____ Ounces________ Cu Tons ——————————————————————– —— Proven & Probable Reserves______702,200__21.19__14,878,100 0.68%____ 4,790 ______________________________————————————– —— Measured & Indicated Resources__715,900__14.73__10,545,100 0.49%____ 3,500 ______________________________————————————– —— Inferred Resource______________ 640,300__18.38__11,765,900 0.57%____ 3,650 ——————————————————————– —— ______________________________————————————– —— ____________________________________________Ag __________________________________ Tons__Grade__ Contained__% Pb Contained Lead-Silver Ore__________________________(oz/t)____ Ounces________ Pb Tons ——————————————————————– —— Proven & Probable Reserves______278,900__ 9.22__ 2,571,300 9.85%____27,460 ______________________________————————————– —— Measured & Indicated Resources__215,600__ 9.30__ 2,005,700 9.43%____20,330 ______________________________————————————– —— Inferred Resource______________ 873,800__ 7.18__ 6,275,100 7.72%____67,460 ——————————————————————– ——
The silver-lead portion of the reserve estimate now represents 28 percent of the total reserve tons. Silver ounces contained in silver- lead ore increased by 87 percent, with a 79 percent increase in contained tons of lead. The total reserve tons of silver-lead material increased by 126 percent. Ounces of silver contained in the silver-copper reserve increased by 8 percent over the April 2007 reserve.
The increase in reserves is a result of an exploration and development program undertaken by U.S. Silver since acquiring ownership and operation of the Galena mine in June 2006. During 2007, management placed an increased emphasis on development and diamond drilling of the known silver-lead zones that exist at the Galena mine. Recent exploration demonstrated that the silver-lead zone may be potentially larger than originally indicated. While exploration and development of silver-copper ore continues on a par with silver-lead development, the Company expects the silver-lead resource to grow at an increased rate in the near term. The silver- lead ore is being processed at the Coeur mill while silver-copper ore continues to be processed at the Galena mill.
Reserve and resource grades are based on mine chip and diamond drilling samples. All samples are obtained and assays are reported under a formal quality assurance program.
Mark Hartmann, President and Chief Operating Officer of U.S. Silver, stated, “we are pleased with the effort our work force made during 2007 in exploring and developing new areas for production, that allowed the Company to report an increase in ore reserves, particularly for silver-lead ore. We have made significant improvements since taking over the Galena Mine complex and are excited about the many opportunities ahead of us.”
Information of a technical nature in this press release respecting the properties has been prepared and reviewed by Mr. Daniel H. Hussey, Chief Geologist of U. S. Silver, who supervised the drilling and sampling programs, and resource estimation. Mr. Hussey is a “qualified person” within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly-owned subsidiaries, owns and operates the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver mine in US history. Total silver production from U.S. Silver’s mining complex has exceeded 210 million ounces of silver production since 1953. U.S. Silver controls a land package now totaling approximately 18,000 acres in the heart of the Coeur d’Alene Mining District. U.S. Silver is focused on the production and exploration from existing operations as well as exploring and developing its extensive Silver Valley holdings in the Coeur D’Alene Mining District.
Certain information in this press release may contain forward- looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
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